Subject: Re: OT: Money Manager Performance Based Fee
How many of these people consistently beat the S&P500 by more than 3%?

"Consistently" is the hard part; and I suspect it is mainly what people want and expect from professional management, even if they don't realize it. Given that anybody can get a market return, failing to do better means you're paying for something other than total return.

Fair enough. But it's worth considering that it's the "something other" that's expensive.

Baltassar